Free Trade Agreement: India-UK Free Trade Agreement expected to be closed by March 2023: Sources
India and its former colonial ruler have been for about 18 months negotiating the pact to boost trade and investments between the countries. The aim was to conclude the talks by Diwali, but somehow got delayed.
Whether these discussions will take place at the ministerial level or the secretarial level will soon be decided.
As per the source, the two countries are expected to finalise the FTA by March 2023.
Recently, Mayor of West Midlands Andy Street, a member of Britain’s governing Conservative Party, said India should prioritise reducing tariffs on manufactured goods to benefit sectors like the automotive industry.
According to a government source, 14 chapters out of the 26 chapters of the trade deal have been finalised, and the visiting UK delegation will aim to agree on the finer aspects of the rest of the chapters.
Last month, Britain’s new Prime Minister Rishi Sunak, the country’s first leader of Indian descent, conveyed his hope of finalising the trade agreement during a call with his Indian counterpart Narendra Modi.
(With inputs from ANI)
